ab The old concepts of “retirement“ are disappearing. The 21st century is seeing a reinvention of this phase of life, and inside we explain the new realities you face Determining Your Number A formula for determining how large a nest egg you need to fund a satisfying post-career life Profile of a Happy Retiree Mary Farrell, former UBS Chief Investment Strategist, tells the story of her early transition to the next stage of her life Hearing From the Experts Three UBS executives discuss the big shifts in how Americans view their “second life“ and the new challenges and opportunities in planning for it Wealth Management Focusing on your financial goals/Fall 2007 Reinventing ‘Retirement’ Making a successful jump to retirement
Transcript
ab
The old concepts of “retirement“are disappearing. The 21st centuryis seeing a reinvention of this phaseof life, and inside we explain thenew realities you face
Determining Your NumberA formula for determining how largea nest egg you need to fund asatisfying post-career life
Profile of a Happy RetireeMary Farrell, former UBS ChiefInvestment Strategist, tells the storyof her early transition to the nextstage of her life
Hearing From the ExpertsThree UBS executives discussthe big shifts in how Americansview their “second life“ and thenew challenges and opportunitiesin planning for it
Wealth ManagementFocusing on your financial goals/Fall 2007
Reinventing ‘Retirement’
Making a successful jump to retirement
Building brighter futures / page 2 Profile of a happy retiree / page 12
NewsMaking headlines: UBS’ newphilanthropic focus is on educationfor children. UBS Client SatisfactionSurvey. UBS Verbier Festival Orchestra tours the U.S. For its sixthyear, UBS sponsors Art Basel MiamiBeach. UBS receives “Best PrivateBank” accolades in Asia.
Page 2
The New RetirementIs HereThe new post-career realities:Societal changes and financial trendsare converging to create newretirement realities that impact one’splanning.
Page 6
Define your vision: Thisquestionnaire will help you define whatthis new phase of life means to you.
Page 8
Nest egg: Figuring out what it willtake for the good life.
Page 10
Lessons from a new retiree: HowMary Farrell conquered the “nowwhat?” stage.
Page 12
Insights: UBS’ views on how totransition successfully—a roundtablediscussion.
Page 16
Conducting Business with UBSIt is important that you understand the ways in which we conduct business and the applicable laws and regulations that govern us. As a firmproviding wealth management services to clients in the U.S., we are registered with the U.S. Securities and Exchange Commission (SEC) as aninvestment adviser and a broker-dealer, offering both investment advisory and brokerage services. Though there are similarities among these services,the investment advisory programs and brokerage accounts we offer are separate and distinct, differ in material ways and are governed by differentlaws and separate contracts.
It is important that you carefully read the agreements and disclosures that we provide to you about the products or services we offer. While we striveto ensure the nature of our services is clear in the materials we publish, if at any time you seek clarification on the nature of your accounts or theservices you receive, please speak with your Financial Advisor.
For more information, please visit our website at www.ubs.com/workingwithus.
The information contained in this magazine has been obtained from sources believed to be reliable, but we cannot guarantee its accuracy orcompleteness. The information is written in general terms and is not intended as a substitute for specific advice regarding individual investment, tax,or legal planning. Neither UBS Financial Services Inc. nor its employees offer tax or legal advice. You should consult with your tax and/or legal advisorsregarding your personal circumstances.
Living the 'second life' / page 4
editorial
1Wealth Management / fall 2007
Sam Keller (left) and his passion for art / page 20
To our clients,
In the 21st century, we have seen a reinvention in the concept of retirement. It hascome to mean so much more than a phase of life dominated by leisure and fundedby a pension and Social Security. Today, retirees are living longer, living life withmore vitality and are more engaged. To live the retirement we envision, we alsohave to take more control over our financial future. This calls for a new approachto retirement planning that throws out many of the old rules.
In this issue of Wealth Management magazine, we highlight how the times havechanged and how people are changing with them—and the unique challengesinvestors face today when planning for a secure future.
The articles focus on helping you answer questions to prepare for your life afterwork. “Creating the Retirement You Envision” on page 6 asks you to considerwhat you need, want and wish for in retirement. How do you picture retirement?The questionnaire on page 8 may help create a framework for future planning.This issue also includes a first-hand account of a recent retiree and what she didto prepare for the next stage of her life. The UBS Roundtable Discussion onretiring, found on page 16, successfully presents opportunities and challenges thatretirement may bring and provides solutions to address them.
As retirement has transformed, we also have seen a transformation in the wealthmanagement arena. Global integration of open markets and technological andproduct advancements all have resulted in greater investment opportunities.
One thing that hasn’t changed is simple: our commitment to helping you pursueyour financial goals in every stage of life.
I hope you find the information featured in this magazine valuable.
Sincerely,
Head of Wealth Management US
PassionsDevotion to art: Sam Keller, artworld guru, moves on to become amuseum director.
Page 20
Comments?Please contact us at: Wealth Management magazineUBS Financial Services Inc. 1200 Harbor Boulevard, Fifth FloorWeehawken, NJ [email protected]
Marten S. Hoekstra
An Opportunity toShare Your ThoughtsOur commitment to listen closely towhat you have to say reflects ourability to understand your needs andgoals. That’s one of the reasons wecreated the annual Client SatisfactionSurvey.
The survey gives us a way to stay up-to-date on any changes in yourfinancial goals and upcoming lifeevents. Moreover, it gives you thechance to tell us what we’re doingwell and where we can improve.
If you received this year’s survey inearly September and haven’t alreadyresponded, please take a few minutesto share your thoughts with us. Yourresponse will help us do a better jobof serving you and providing thecustomized strategies you need topursue your financial goals.
At UBS, we are committed to being apositive influence in the communitieswhere our clients live and work. As a“thank you” to all of our clients whoparticipate in this survey, we willmake an additional contribution toBig Brothers Big Sisters, whichinvests in our youth.
For more information about thesurvey, please speak with yourFinancial Advisor.
2 Wealth Management / fall 2007
New UBS Philanthropic Strategy Focusedon Education NationwideThe Firm’s ongoing commitment to communities nationwide ishighlighted by a new philanthropic strategy known as Education asa Pathway to a Better Future. It is the new focus for many ofUBS’ charitable activities in the U.S.
The strategy aims at reducing the high drop out rates for high schoolstudents and improving the less than adequate learning environmentmany children face across the country. By focusing its efforts on themost underserved communities, the Firm hopes to help develop abetter learning environment for children and give them a chance ata better future.
In conjunction with the new philanthropic focus, a national volunteerinitiative, Building Brighter Futures, was launched this October withthe goal of cultivating community, school and civic collaboration tohelp transform schools or education-focused organizations intodynamic learning centers. During the month, UBS employees acrossthe country worked on volunteer projects that revitalized facilitiesand improved play and learning spaces.
For example, over 170 employees and their family and friends paintedclassrooms and murals at a public school in South Los Angeles. Similarprojects took place in over 40 cities across the country includingSeattle, Houston, Chicago and New York City.
UBS is working to provide better learning conditions for America’s children.
UBS Receives BestPrivate BankDistinction for AsiaHighly acclaimed industry mediahave recognized the Firm’s strengthin serving its client base across Asia.Following FinanceAsia’s Best PrivateBank in Asia accolade, awarded toUBS last December for the fifth yearin a row, Euromoney magazine againnamed UBS as the Best Private Bankin Asia for the fourth year running.In addition, Euromoney also namedUBS as the Best Private Bank forUltra High Net Worth Individualsglobally.
Making MusicThe UBS Verbier Festival Orchestra(UBS VFO) will perform in the U.S.on their annual tour this November.The orchestra, founded in 2000,is composed of more than 100musicians from 30 countries, includingapproximately 30 U.S. musicians,ranging in age from 17 to 29.
UBS is the founder and mainpartner of the UBS VFO, which isinternationally recognized as oneof the leading training orchestrasin the world.
The U.S. tour is scheduled as follows:
• November 8Walt Disney Concert Hall,Los Angeles
• November 11Jones Hall, Houston
• November 13Harris Theater, Chicago
• November 15–16Avery Fisher Hall, New York City
To order tickets for any of theperformances above, visit theUBS VFO website atwww.verbierorchestra.com andclick on International Tour andTickets 2007.
Art BaselMiami Beach:Celebrating NewPerspectivesUBS is the main sponsor of Art BaselMiami Beach for the sixthconsecutive year, which will takeplace December 6–9 at the MiamiBeach Convention Center with 200leading galleries from around theworld participating.
Making its debut in December 2002,this international art show is theAmerican sister event of Art Basel inSwitzerland, the most importantannual art show worldwide for thepast 38 years. Art Basel Miami Beachcombines a contemporary art showwith an exciting program of specialexhibitions, parties and crossoverevents including music, film,architecture and design.
This event is one example of theFirm’s commitment to investingin cultural expression and makingthe arts accessible to our clients,employees and the broadercommunity.
The UBS Verbier Festival Orchestra isconsidered an extraordinary training
ground for young musicians.
3Wealth Management / fall 2007 3
A key component of our approach to clientrelationships is listening to and understanding your needs and goals. One way we listen is through our annual Client Satisfaction Survey.
Overhead view of Art Basel MiamiBeach 2006. Photo credit: Tom Pich
5Wealth Management / fall 2007
retirement
Today, baby boomers are changing the concept ofretirement as they live longer, work longer, and take a morecreative and determined approach to what they want to doin their later years. The first of the boomers celebrated their60th birthday in 2006 and promise to redefine what itmeans to grow older in America.
This is exciting and creates great opportunities for peopleto be active and feel good about their “second life.” Butthis also makes planning for it vastly more dynamic.
We know you already have serious thoughts aboutretirement. According to our 2006 Client ExperienceSurvey, your top three financial goals are related toretirement income planning (see chart below).
In this issue of Wealth Management magazine, we explorethe new realities, challenges and opportunities you face inplanning successfully to live the retirement you envision.By evaluating the facts and providing you with researchinsights from our analysts, we hope to take some of themystery out of preparing financially for this new beginningin your life.
Your Financial Advisor can answer questions you may haveand is able to provide guidance you need. After you readthis issue of Wealth Management, get ready to share yourideas and vision with your Financial Advisor.
Living the ‘Second Life’ on Your Terms
1% 1% 15% 83%
3% 5% 16% 76%
3% 9% 29% 59%
Protecting your current level of wealth
Ensuring adequate retirement income
Having a formal financial plan
Not at all Not very Somewhat Very
Client survey results: Your top three financial goals relate to retirement planning
UBS Wealth Management Research in the U.S. is provided by UBS Financial Services Inc. and UBS AG. UBS Financial Services Inc. is a subsidiary of UBS AG. UBSWealth Management Research and any affiliate of UBS AG may publish research, express opinions or provide recommendations that may be inconsistent with eachother and/or may be inconsistent with investing in a specific product. Investors should make their own independent investigation of the merits of investing in anyparticular product. Two sources of UBS Research are available to you as a UBS client. One source is UBS Wealth Management Research. UBS Wealth ManagementResearch is part of UBS Global Wealth Management & Business Banking (the UBS business group that includes, among others, UBS Financial Services Inc. and UBSInternational Inc.), whose primary business focus is individual investors. The second source is UBS Investment Research. UBS Investment Research is part of UBSInvestment Bank, whose primary business focus is institutional investors. Because both sources of information are independent of one another and reflect thedifferent assumptions, views and analytical methods of the analysts who prepared them, there may exist a difference of opinions between the two sources.
Creating the Retirement You Envision
If you’ve been thinking a great deal about retirement lately, you are not alone. Of theestimated 78 million baby boomers in America today, approximately 60 million are overthe age of 55.1 The closer you get to the retirement milestone, the more you may thinkof the goals you wish to pursue.
6 Wealth Management / fall 2007
To really enjoy retirement, you need to have a plan. Youwant to feel comfortable knowing that your savings,investments, and the income they create will be enough tohelp you keep your independence and live the lifestyle youwant. So when it comes to affording your retirement,planning is where it all begins.
To be sure, you have worked hard, built a career, and raiseda family. You may even have a substantial nest egg. Butwhen it comes to envisioning one’s retirement, many peoplewant to create something special. More and more retireesare packing their days full of excitement and adventure, andthey are doing it with more energy and enthusiasm thanschool kids on summer break.
But the stakes are high. Errors made in planning can meanyou end up with far less than the retirement you wanted.Each of us wants financial security in our golden years, butachieving this is becoming increasingly complex. To succeed,it begins with understanding the new realities you may haveto face.
The New Retirement RealitiesTraditionally, retirement has been characterized by a lessactive lifestyle, limited concern of outliving assets, steadyand predictable lifestyle expenses, and little desire to engagein any form of work. But as we hear from listening to ourclients, retirement has come to mean a vibrant new phase oflife. This stems in part from today’s significant increases inlife expectancy and wellness.
Although we live longer and healthier lives, we have tocome to grips with issues that prior generations of retireesdid not face. Societal changes and financial trends areconverging to create a new retirement reality that willsignificantly impact one’s planning. These changes and therisks involved include:
• People are living longer. Today’s 60-year old has ahigh probability of living another 20 years, on average,and the trend is increasing. (Source: United NationsPopulation Division 2002). This is good news because—all else being equal—it means retirements are lastinglonger and people will have more time to do the thingsthey love. However, they will also have to pay for themover a longer time period. (See Chart A above).
• Medical care costs are rising. Medical expendituresare rising dramatically and the responsibility for medicalcare is shifting more and more to the individual. AsAmericans live to much older ages, they becomeincreasingly vulnerable to medical problems and thesignificant expenses that come with them.
• A focus on wellness. A growing interest in healthy living also adds to health care spending in retirement.
Probable life span of a person age 65
Pro
ba
bil
ity
MaleFemaleAt least one spouse
100%
75% 78 81
85 88 91
91 93 96
86
50%
25%
10095908580757065
Age
Source: Annuity 2000 Mortality Tables
Chart A: Americans are living longer in retirement
retirement
• Companies freeze, terminate or restructurepensions. Guaranteed pensions are becoming lessprevalent as corporations phase out or modify definedbenefit plans and increase the use of definedcontribution plans, such as 401(k)s.
• Greater complexity of net worth and assets.Personal net worth profiles have grown increasinglycomplex. As individuals accumulate wealth, thisincreases the type and number of assets an individualowns. Owning more than one home, complicatedcompensation packages, and business interests are allfactors that can increase balance sheet complexity.
The bottom line? Responsibility for financial security isshifting to the individual, meaning your personalinvestments will provide the lion’s share of yourretirement income (See Chart B below). This requires anapproach to managing personal wealth that iscomprehensive, takes into account current economicconditions and forecasts, and is customized to yourspecific characteristics, circumstances and preferences.
A more detailed discussion of these issues is availablein the new UBS Wealth Management Research report,UBS Life Themes—Transition to Retirement. To accessthe report, log onto www.ubs.com/onlineservices and clickthe Research tab or contact your Financial Advisor.
No matter where you are along the path to retirement,your planning can be helped by focusing on the followingthree groups of goals:
• Needs. Your needs are what is considered essential toyour life, such as a residence, health insurance, andbasic living expenses.
• Wants. Your wants are what will enhance yourretirement, such as travel, entertainment and hobbies.
• Wishes. Your wishes are what will make yourretirement exceptional, such as having a vacation home,leaving a legacy to grandchildren and making charitablebequests.
Once you have defined your needs, wants and wishes, youthen take a look at how close you are to successfullyplanning for retirement as you envision it.
For instance, if you have 10 years or more untilretirement, your focus could still be on building yourwealth. Your principal concern is probably assetallocation and security selection. As you move closer toretirement, within five to 10 years of your goal, you maybegin to think about how you want to spend yourretirement income. This is the time when you could moreclosely assess how much income it will take to fund yourvision. When you finally retire, your goal becomesgenerating enough income so that you can live theretirement you want. Your assets will need to outpaceinflation over the course of your retirement, and you’llwant to protect as much principal as possible.
Begin the Dialogue Retirement income planning should be dynamic if it isto be successful. At a time of growing retirementuncertainties, investors need to take flexible butcomprehensive approaches to funding their retirement.There are many different needs to address, and drawinga well-thought out plan that encompasses them all beginswith a conversation with your Financial Advisor. /
1 Sources: www.census.gov; www.civicventures.org
7Wealth Management / fall 2007
65%
40%
22%
40%
19%
55%
Social Security as a percentage of retirement income1
2
Households with defined benefit pensions2
Households with defined contribution plans2
(401k, 403b, 457)
19842004
Chart B: Much of retirement funding will comefrom you
Americans are revolutionizing their later years with a zestful approach to life.
Focus on Your Needs, Wants and Wishes
Sources: Social Security Administration; Economic Policy Institute Retirement Insecurity, September 20061
8 Wealth Management / fall 2007
How do you picture retirement?Answer these questions and find out.
The better we understand your vision of retirement, the better we can help youaddress your financial needs. Complete the questionnaire below and share yourresponses with your Financial Advisor. Together, you can explore what inspires youto plan for this new phase of life.
Learning what your post-career life means to you • Imagine you have already stopped working. Picture yourself at a party and another guest asks you what you do. How
would you like to reply?
• Fill in the missing blank: The prospect of retiring makes me feel (tell us)
• Who are your retirement role models (parents, grandparents)? Do you want to follow their example?
• What will you be wearing in retirement? A swim suit? A business suit? A ski suit? (tell us)
• Which of the following steps would you like to take in the next year to prepare you for what’s next?
Learn all I can about making the most of the next life stage
Talk with my spouse/partner about what each of us wants out of life
Explore how other people are planning for the next life stage
Take some educational or self-enrichment classes
Explore passions and priorities I postponed
Research potential relocation communities
Other (tell us)
Thinking through your priorities• Rank the following important challenges as you look toward the next stage of your life
(1= most important; 5 = least important)
Identifying my passions
Managing and understanding my finances
Deciding when or whether to retire
Finding a post-retirement career
Other (tell us)
9Wealth Management / fall 2007
retirement
Determine the essentialsWith a clearer vision of the next life stage, you can then begin focusing on the specifics.Answer yes or no to the following questions:
• Do you plan to work? Yes No
• Do you have adequate health care coverage? Yes No
• Do you anticipate having to care for children/parents in retirement? Yes No
• Will you make any charitable bequests in retirement? Yes No
• What age are you planning on taking your Social Security?
• What age do you expect to begin the next phase?
Indicate which of the following activities, hobbies and interestswill take more, less, or the same amount of your time in retirement:
Activities / Hobbies
More Less Same
Dining Out
Entertaining Friends
Exercise / Fitness
House / Yard Work
Personal Care
Preparing Meals
Shopping
Travel
You and us• How would you like UBS to help you plan for your retirement?
Help me refine/define my retirement goals and vision
Develop a personalized financial strategy to help manage the transition to and through retirement
Other (tell us)
UBS Financial Services Inc. is a subsidiary of UBS AG.
Neither UBS Financial Services Inc. nor its employees provide tax or legal advice. You must consult with your attorney and tax advisors regarding yourpersonal circumstances.
Depending on your needs, we can help you implement your retirement strategies through both our advisory and brokerage capabilities.
Most people do not know how much funding they will need for a comfortable life inretirement. This four-step guide can help you arrive at your own personal number.
How much do I need for my retirement? Easy as it is toask, providing an answer is more difficult. But the bestway to start finding your own “figure” (i.e., the amountof funding you require for a secure retirement) is to take afour-step approach.
The first step is to think about your needs, wants andwishes. Start by asking, “How do I want to live in mylater years?” “What have I always wanted to do butperhaps didn’t have the time?” “What do I really need tobe happy?” The answers are highly individual and are asdifferent as each person’s preferences and lifestyle: somedream of a home by the ocean or a house in the country.Others might want to move abroad, start a second career,or collect vintage cars—the possibilities are endless. Thepoint of such questions is to become aware of what youreally expect from your own retirement.
The second step is to create a budget of your expectedannual expenses at retirement. An annual budget typicallyincludes covering your mandatory needs, such as the cost
of taxes, your home (mortgage/rent, maintenance),household necessities, insurance, healthcare, personalexpenditures, transport, communications, as well as yourwants and wishes, such as leisure/holidays, education andphilanthropic pursuits. When you’ve adjusted your budgetby the amounts that you think will go up or down afterretirement, you get an idea of how much your ideallifestyle might cost.
Once you have crafted your expected budget, a questionremains regarding how to pay for it. So the third step is tocalculate the amount of personal investment capital youwill need. You should begin by estimating what annualincome you know will be available when you retire,whether from part-time work, fees, investments or apension. Property can also provide income if it is rented.
Now compare your calculated budget with your expectedincome: the difference is your annual gap in income. Theincome gap is then used to calculate the amount ofinvestment capital that is needed to finance your golden
Four Steps to Your Goal
An Initial Look at the Figure
11Wealth Management / fall 2007
years. Let’s say, for purposes of illustration, that you mayexpect average annual returns of between 3% and 7%. Ifan investor wants to fill an income gap of $100,000 basedon an annual return of 5%, he or she will need investmentcapital of $2 million (factor of 20) to fill that gap. Acautious investor who expects returns of 3% will needmore (factor of 33); a more risk-tolerant investor whoexpects 7% will need less (factor of 14.3).
As a result of this exercise, you get a bit of a handle onyour personal investment goal—your required retirement“number.” But it is important to note the above calculationis based on simplified assumptions. For example, inflationis not factored in. A very moderate inflation rate of 1% willincrease the required capital amount considerably. Thecalculation also assumes that expenditures will remainconstant in retirement. Expenditures typically fall afteraround 10 years of retirement, but can rocket in advancedold age due to health care costs. Importantly, it is alsoassumed the investment capital is not spent, but ispreserved in its entirety.
Economic risks are also left out of the equation: How willthe financial markets perform? What about interest rates?Increases in taxes?
If you want to be certain about your retirement in view ofthese factors, you should adjust your investment goalsupwards as you develop a financial plan for retirement—the fourth step. It is advisable to consult your FinancialAdvisor when choosing appropriate assumptions regardingthe risks involved in financing your retirement. A personalinvestment goal only achieves its purpose if it is realistic.
However, despite the benefit that a solid financial plancan bring, remember that in addition to fluctuatingfinancial markets, your personal circumstances can alsochange over the years. So even the best financial planneeds to be reviewed regularly and adjusted in line withchanging conditions, in order to help ensure that yourinvestment strategy stays on course. /
Reaching your goals, one step at a time
1. Clarify your needs, wants and wishesThink about your lifestyle and the personal plansyou have for when you retire.
2. Figure out a budgetCalculate your expected annual budget after youretire to get an idea of how much your retirementmay cost.
3. Calculate your retirement “number”Be sure to factor in the key risks, such as inflation,health care costs, longevity, taxes, inheritance andgeneral investment risks, and then choose arealistic investment goal on this basis.
4. Draw up a financial planWork with your Financial Advisor to develop yourpersonal financial plan and review it regularly asyou pursue your intended investment goal.1
1 Financial planning services are provided in our capacity asinvestment advisors.
A Financial Plan for All Eventualities
12 Wealth Management / fall 2007
How I Retired Happy
Mary Farrell, former Chief Investment Strategist for UBS Wealth Management US and author of the highly acclaimed investment book, Beyond the Basics: How to InvestYour Money, Now that You Know a Thing or Two, retired two years ago from UBS. Here, she shares her experiences as an early retiree and what was behind her decision to retire at age 55.
13Wealth Management / fall 2007
approached age 55—the age that, combined with mylongevity at UBS, would qualify me for retirement. To me,it was like pondering the unthinkable.
When I was Chief Investment Strategist for UBS WealthManagement US, I had spearheaded a series of retirementreports titled “Rethinking Retirement,” and had lecturedextensively on the topic. So I somewhat arrogantlyconsidered myself an expert. But I soon learned thatretirement involves a lot more than investment planning.
The Decision to RetireFor years I enjoyed my role as an investment strategist. Iloved the world of finance and the stock market, as well asworking with clients and colleagues. My regularappearances on Wall Street Week with Louis Rukeyser andother financial media opened the door to anotherfascinating world. But the heavy travel and the long hourswere feeling more and more onerous. A series of familyhealth issues had also taken an emotional toll.
Additionally, I had seen how much my husband, Dan, whohad retired a year earlier, was very much enjoying life. Butwork had been such an important part of my life that itwas difficult to contemplate life without it. So I decided ondecision by non-decision. Wait and see what happens. Andsure enough, as the months went on, I knew it was time.But I was determined to retire on my terms.
My last few months at UBS were a blur, with a businesstrip to Hong Kong and China, working for a smoothtransition in the strategy group, and saying goodbye to mycoworkers, so many of whom had been an important partof my life for decades. With great pride I noted that thewonderfully talented staff in our strategy group haddeveloped into a strong team, and I knew they were morethan ready. As part of the transition, I would continue toconsult with the Firm, which I was delighted to do.
But I was also apprehensive. Work had always defined mylife. I had no plans for the first time since the summer Iwas 15, and it was a scary thought.
My Wealth Management PlanMy finances were in good order and that was the result ofcareful planning. However, my asset allocation at the timewas aggressively weighted in stocks, which made me thinkmy portfolio was probably more appropriate for aworking professional, not a retiree. As I reviewed myportfolio, approximately 65% was in stocks, with aconcentrated position in UBS stock, while the remainder
was in bonds and in some alternative investments. Irealized that it was time for a portfolio review with myFinancial Advisor. With a significantly reduced income,my tolerance for risk had now diminished somewhat.
By retiring at age 55, I knew I could face a long retirement,as my father had before, passing away at age 101; or facelarge health care expenses, as both my late parents had.Working with my Financial Advisor, I conducted a post-retirement reassessment and restructured my portfolio totake a slightly more conservative approach that was inkeeping with my reduced income. While stocks continue tocomprise a major portion of my portfolio, as I believe theyare the best inflation hedge, I nonetheless worked with myFinancial Advisor to create a managed money programthat is designed to help meet my goals while potentiallyreducing risk. We also continue to work on diversifying myconcentrated holdings.
Developing a retirement income strategy was another crucialarea to address. As a result, municipal bonds now play amore important role in my portfolio, both to attain incomeand for further diversification. Essentially, the municipalbonds will provide the income to fund our basic livingexpenses, with the stocks generating growth to provide forhealthcare or other unexpected expenses that arise, and forone time expenses like weddings and graduate school. So far,our expenses in retirement have been roughly as expected,other than some uninsured hurricane damage to our Floridahome, offset by less than expected travel expenses. But ourplan encompassed the unexpected.
I want to note that during my review, we made use ofvarious planning models that were a big help in
retirement
Mary and Dan appreciating the beauty of their flower garden.
To retire or not to retire: that was the question I faced as I
14 Wealth Management / fall 2007
determining just how much I could spend given certainassumptions about lifestyle, inflation, longevity and healthcare expenses.
“Rethinking Retirement” reports had noted that yourfinancial needs in retirement are dependent on how youwant to live in retirement, I don’t think I fully understoodthat until I faced the reality of it. As I gathered thenecessary input for the UBS models, it forced of lot ofthinking. My husband and I had not yet even discussedhow we envisioned our new lives, so we had some funtalking about what was important to us.
Facing RetirementI retired July 1, 2005, and embarked on a family vacation
graduation from college and my daughter’s graduationfrom graduate school. We weren’t just in transition, buthad completed major chapters in our lives. Their worldhad been school, mine had been 35 years of full timework. So all of us enjoyed the moment, not constrained bythe responsibilities of the past, not able to know how thefuture would unfold. And I learned that one could live
Reality set in upon our return. Time, which had been myenemy for so many years, seemed now a wonderful gift. Icould start to contemplate the tasks that had beenpostponed for years.
But after working full time while raising two children, Irealized I had no hobbies. So I took bridge lessons andbought a bike to “hit the road” and get some exercise.Dan and I also started ballroom dancing lessons.
I had been active in the non-profit world and expected toincrease my commitments there, but heeded the soundadvice of friends who had warned me not to commit totoo much the first year. I now serve on one for-profitboard and two non-profits, which keep me quite busy and intellectually engaged.
Onward to the Sunshine StateA major transition was the decision to leave New YorkCity, my home for 34 years, and move to Florida (so muchfor not being a cliché!). Although I had loved theexcitement of the city, the last few years my husband and Ihad increasingly made our life outside the city, bothpreferring the warmth of Florida in the winter. Althoughwe have returned occasionally to the city to visit friendsand enjoy the cultural life, we are quite happy for nowwith our decision. But it was not easy to leave the friendsand neighbors who had been so important to us.
Enriching My LifeThe nicest surprise about retirement was having more timefor family and friends. Going out to lunch with the peopleimportant to me and not looking at my watch has beenrefreshing. I was asked to join several groups of women,many currently or formerly in finance, that meet quarterlyto discuss major economic, political or women’s issues.These are always stimulating, always fun, and have added
reminder that you can find or create the communities thatwill enrich your life in retirement.
I will also always be grateful that I could be an importantpart of my father’s life in his last year, able to spend manyquality hours with him that would not have been possiblehad I been working. When my stepdaughter’s husband wastransferred to London, taking our 9-year-old twingranddaughters away, it was wonderful to be able to visitwithout the constraints of work. And I don’t know how I would have planned my daughter’s wedding had I beenworking. So time does get filled quickly.
In conclusion, there is probably not much I would dodifferently. Like so many of life’s major transitions, there isno script. But being open to new experiences, new people,and constantly expanding your horizons can add so much tothis new stage of life. My career on Wall Street wasenormously satisfying, but retirement brings other rewards.The freedom to read, enjoy friends, build outside interests,and contribute to the non-profit world is hugely gratifying. /
Enjoying a light moment amid an active retirement.
a fabulous dimension to my life. It has been a good
I learned this exercise in planning is crucial. Although my
without a BlackBerry.
to Rome to celebrate not only that milestone, but my son’s
15Wealth Management / fall 2007
retirement
Mary Farrell’s Top Seven Tipsfor Enjoying Retirement
1 Retirement takes planning. When much of your time is leisure time, it notonly pays to think ahead, but it is crucial if you want to make the most ofretirement. The transition from a structured life to a non-structured one canbe a surprise. I find that making lists of what I want to accomplish assuresthat I keep happily occupied.
2 When planning financially during retirement, it may help to be conservative inyour assumptions. No one wants to outlive his or her assets, so you may wantto assume you will defy the odds and live longer than the average lifespan.
3 You may need to make an effort to find the intellectual stimulation that youfound in your job. There are many ways to do this, and lots of other newlyminted retirees with similar interests are happy to make a connection.
4 Avoid taking on volunteer tasks just because you are asked. Your contributionwill be greater if you are volunteering for something genuinely important to youand that you enjoy.
5 Do those things you never had time for, whether it’s dancing or music lessons.
6 Build new networks of people with similar interests because your workingfriends don’t have as much time as you do.
7 Take time to understand your health insurance options and be sure you haveplanned for health care expenses.
The information contained within this article represent the views and opinions of the author and has no regard to the specific investment objectives, financialsituation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sellany securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness orreliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to inthe materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subjectto change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptionsand criteria.
16 Wealth Management / fall 2007
retirement
Retiring Successfully—A UBS Roundtable Discussion
Wealth Management magazine recently hosted a Roundtable Discussion on the risksand opportunities facing investors today as they plan for retirement. The event broughttogether three UBS specialists, Mike Ryan (right), Head of Wealth ManagementResearch-Americas (WMR); Robin Miranda (center), WMR Thematic Research Strategist;and Ed O’Connor (left), Head of Retirement Services. Each offer their unique insightson the issues associated with planning for and living in today’s retirement landscape.
17Wealth Management / fall 2007
retirement
Wealth Management (WM): There appears to be amajor shift in the concept of retirement, in terms of bothplanning for it and living it. Today, retirement stands forsomething much more dynamic than it once did. What ishappening to drive this change?
Mike Ryan: It is important to recognize that not onlyhave the rules of the game changed, but the game itselfhas changed. For one, the days of relying exclusively uponyour employer’s pension plan and Social Security to takecare of the bulk of your retirement needs arefundamentally gone. The benefits counted on in the pastare much less reliable today.
At the same time, what we have historically associatedwith retirement is no longer the reality. People areredefining what they want to do, and that is translatinginto less static lifestyles. For example, many people todayelect to only semi-retire, or they start second careers, ortake on consulting roles, or decide to get more involved inphilanthropic organizations.
We also see people having a higher level of excitementthan ever before when it comes to facing their retirement.They are being more creative about what they want to do.
Robin Miranda: The game has changed in other ways aswell. Americans today are entering the traditionalretirement ages much healthier than past retirees, and thatchanges what they can do in retirement. If you’re ashealthy at age 70 as you were at 50, you are going towant to stay active and engaged in doing the things youenjoy longer.
Ed O’Connor: The game certainly has changed. Peopletoday are having what we call a “second life” atretirement. Retirement today is viewed as a newbeginning. Much of this is due to the fact that theresponsibility of retirement is being handed to theindividual from government and private institutions. Sowhat happens when individuals are given more of this
something really good and exciting.
WM: People also have to be able to afford this “secondlife.” With that said, what do people need to considerwhen planning for their retirement income to support alonger, more active retirement?
Ryan: First, people have to understand the new realitiesregarding how their retirement will be funded. We’refacing the fact that there are more and more retireesrelative to the number of workers. This puts a strain ongovernment-sponsored pension plans like Social Security,resulting in Social Security representing a smaller portionof our retirement income.
Looking at the corporate level, companies have tocompete in a brutally competitive global environment,which translates to an ongoing need to control costs tobecome more productive, and to be more efficient. Thismeans that corporations are trying to shift more of thecost burden back to the individual by way of diminishingor eliminating corporate pension plans.
So many retirees may likely have to fund a greater portionof their retirement themselves. To begin planning, it comesdown to identifying their income needs based on theirliabilities and the type of income generation they can getwhen converting their assets to income-producing vehicles.That part is a fairly simple identification; the complexpart is prioritizing your income needs and calculatingwhat it will take to fund the retirement you envision.Hopefully, you’re planning for more than just an incomestream to maintain a minimal lifestyle.
Miranda: I think this is one of the key factors in the newretirement. People stand to lose their longevity-hedgedincome—income that paid for life. No matter how longyou lived, you were sure you were going to get that check.
We also need to recognize some of the other realities ofthis second phase of life. Disability and infirmity can posesignificant risks to our retirement income. So when youdo your retirement income planning, you have to thinkabout things like long-term care insurance.
Now in terms of a framework that people can follow tohelp make a realistic determination of their income needs,one advantage all of us have is that we are always ourown best source of information. We know our spendingand saving habits—and that is always the place to startwhen ranking income needs. Some expenses will have ahigher priority than others, and there are some we mayhave to forego in exchange for others.
O’Connor: Within our UBS financial planning tools,1 wecharacterize retirement income as being based on “needs,wants and wishes.” “Needs” are the items that areessential, such as housing, health insurance and basicliving expenses. “Wants” are those things that enhanceyour life, such as travel and entertainment, while “wishes”can represent lifelong dreams like charitable giving.
“We see people having ahigher level of excitement thanever before when it comes tofacing their retirement. Theyare being more creative aboutwhat they want to do.“
—Mike Ryan
1 Financial planning services are provided in our capacity as registered investment advisor representatives.
responsibility? It gives them more opportunities to do
18 Wealth Management / fall 2007
Once you have defined your needs, wants and wishes, youthen look at how close you are to retirement and whereyou are in the stages of increasing your wealth to actuallyplanning the sources of income and drawing anappropriate retirement income strategy.
From an investment strategy standpoint, however, I wantto stress that you can’t just only plan for an incomestrategy. You need to have an asset growth strategy aswell, because you could be living that second life for 30 ormore years, and you need to keep track with inflationover this time. So you need a blend of participating in themarkets while at the same time providing a high level ofcertainty of income for yourself to maintain your lifestyle.
WM: In what ways is the financial services industryhelping today’s investor plan for tomorrow?
Ryan: While there are increased risks and challenges whenplanning for retirement, you never had the kind ofefficient and custom-tailored solutions you have today.You also never had the quality and depth of advice thatyou have today.
One example of these efficient solutions is the advent ofinflation-protected securities. If you go back 20 years,they were virtually non-existent. But they offer an optionfor today’s investor to lock in an income stream that’sindexed to changes in inflation.
Miranda: The investment and savings opportunitiesavailable now are many, and the appropriate products andsolutions are there to help address the different risks weface. As baby boomers retire and start to push the incomesolution, there are going to be even more products outthere to customize solutions, with the right combinationsmore tailored to your risks and goals.
O’Connor: There is great talent and great thinking in ourindustry. The product development we see today isimpressive and exciting. What will be even moreimpressive to see is the product development over the nextfew years that may address retirement planning.
Some of the innovative solutions we can expect to see,for example, will be more creative uses for structuredproducts and more flexibility in annuity structures—solutions that will help combine for investors theopportunity for their portfolios to grow with the marketsalong with increasing the certainty of income and, at thesame time, preserving wealth.
WM: All of these opportunities, risks and challengeswould appear to emphasize the importance of having along-term, comprehensive financial plan. Your thoughts?
O’Connor: More than ever, people need a financial plan.Understandably, it can be difficult to get motivated to doa financial plan because you have to deal with some toughissues. But for most people who do so, it can be quiteliberating. Once you have carved out a plan and you feelconfident in its approach, it gets you very focused onwhat you’re trying to achieve.
To get started, all it takes is starting a dialogue with yourFinancial Advisor to discuss your needs, wants andwishes, then looking at the current structure of your assetsin terms of where they are today and where they need tobe tomorrow.
Miranda: Timing is of the essence when it comes toplanning. Many investors assume, for example, that estateplanning is something you do when you are, say, age 70.In reality, a well-crafted and complete financial plan willincorporate estate planning aspects much earlier. Youdon’t want to turn 70 and suddenly realize you are facinghuge estate planning issues, because at that point certainoptions and strategies may already be off the table.
If people don’t understand the interrelationship of themany different areas that go into financial planning, suchas transferring wealth, generating an income stream,growing their assets, and dealing with tax consequences,they are going to lose out on opportunities.
Ryan: It is important to note—and it’s something westress with our clients—that it is not just about the initialstep of creating a financial plan, but reviewing it regularly.By nature, our lives, our circumstances, the financialmarkets, they are all dynamic. To create a static model forplanning your wealth simply does not work in a dynamicworld. So there have to be continuous reviews of yourplan so as to determine, when appropriate, if it isnecessary to make modifications or adjustments.
It is a very eye-opening experience for many of ourclients. It forces them to go through a prioritization and
“The investment and savingsopportunities available noware many, and the appropriateproducts and solutions arethere to help address thedifferent risks we face.“
—Robin Miranda
19Wealth Management / fall 2007
really understand how their assets are positioned topursue their goals.
O’Connor: In fact, we find when we conduct reviews withclients who had not had regular reviews in the past, theytend to be too conservative with their investments relativeto their retirement goals. It’s when people regularly beginto track their investments and use the wealth managementtools available to them that they become more informedand knowledgeable and, as a result, more comfortableparticipating in the markets as they learn to appreciate therisks of inflation and other factors.
WM: Does this mean that some investors may have tostart rethinking their concept of “risk”?
O’Connor: It could mean that some investors may need toredefine their risk profile, and maybe even have more thanone. For example, if you do organize your retirement planamong needs, wants and wishes, you will probably bevery conservative when earmarking assets to address allthe mandatory expenses. But for your wishes, such asbequeathing a sizable amount of money to a charity onceyou pass on, you may have a more aggressive risk profileto that earmark.
Ryan: It’s about having clarity around what you want foryour retirement and what you need to do to get there. If Iidentify myself as a moderately risky investor, but Ihaven’t clarified where I want to be at retirement, I mayend up so conservative in the way I’m planning that Ihave actually, unintentionally, taken on a different riskprofile than the one I identified with initially.
Miranda: It’s also about expanding the definition of risk.Traditionally, we only considered risk in terms ofportfolio risk, but going into retirement there are anumber of other risks that need to be considered. For ourclients, the risks to retirement also lie in healthcare,inflation and wealth preservation. Retirees have adifferent set of concerns. They’ve worked hard for theirmoney and now they want to keep it.
WM: It looks like successfully planning for retirement isone of the most challenging financial responsibilities forAmericans today. But by taking advantage of all theopportunities, advice and information available to them,
many should be able to convert their retirement into oneof the best times of their life. Would you agree?
Ryan: If investors want to retire successfully on theirterms, they have the ability to do that. But it is going torequire a new understanding of what they need to do,when they need to start doing it, and the decisions theyneed to make.
Let me provide a perspective that more of us can relate to.When you think about technology, the people who benefitand profit most from it are called the “early adopters.”Those are the people who adopt new and existingtechnology early and apply it to their business. In terms ofretirement, the early adopters are those who recognizeearly on what they need to do, and they start makingdecisions and act on them. Those are the ones who will bethe most successful. So I liken the leveraging oftechnology to the leveraging of wealth planningcapabilities—the early adopters will be the ones who havethe best opportunities to retire on their own terms.
Miranda: A successful retirement is absolutely possible.For me it comes down to having the right information atthe right time, having realistic expectations andunderstanding your own life and your own finances.Things have gotten more complicated, but in thecomplexity is the opportunity. People have thesetremendous opportunities to not only grow wealth, but toset and lock in an income base that can provide the securesupport for whatever it is they want to do.
O’Connor: I believe, from a psychological standpoint,people need to realize that retirement is not an end; it is abeginning. If they have that mindset, and think tothemselves it is an opportunity to personally achievesomething they’ve always wanted, then they will take theresponsibility to successfully plan for it. /
retirement
“More than ever, people needa financial plan. Once you havecarved out a plan and you feelconfident it is doable, it getsyou very focused on whatyou’re trying to achieve.“
—Ed O’Connor
The information contained within this article has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It ispublished solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Norepresentation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor isit intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded byrecipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ orbe contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria.
Making a splash in the contemporary art world is usuallyleft to high-flying and glamorous sophisticates in places suchas New York or London. Switzerland’s soft-spoken artmanager, Sam Keller, is an exception to the norm. Asdirector of Art Basel, one of the world’s most prestigious artfairs, he is a force in the global art market. It is a job heconsiders ideal for him. Yet, he also feels it is time toinfluence the art world in a different way: as the newdirector of the Foundation Beyeler museum (BeyelerFoundation Art Museum), famous for its modernmasterpieces.
His story is a poignant tale of one man’s unique approach to
moving on.
The Art Basel fair has been called the “Olympics of the ArtWorld.” In that regard, you could call Keller the top athlete
marathon viewer of paintings, sculptures, objects,installations and videos. This past June, Art Basel attracted300 galleries from five continents, presenting works by over2,000 of the world’s most prominent modern andcontemporary artists. Its sister fair, Art Basel Miami Beach,which takes place in December, is also one of the foremost
It is no coincidence then that Art Basel is a cornerstone of
relationship with Art Basel, serving as main sponsor for thepast 13 years and is now a main sponsor of Art Basel MiamiBeach for a fifth consecutive year.
The galleries that participated in Art Basel 2007 wereselected to exhibit their works to an audience composed
primarily of high net worth art collectors for the five days ofthe fair. The fact that 99% of the exhibitors applied toreturn the following year shows how coveted the event isamong galleries around the world. They know it pays off tohave a stand at one of the most important marketplaces formodern art.
When Keller took over Art Basel at the age of 34, manyobservers said he was so young he would only be interestedin contemporary art. But Keller proved them wrong. “Notonly have we specifically cultivated classic modern art, wehave, in fact, expanded this sector,” he says. “But in termsof our appearance and in the eyes of the public, we wereable to keep Art Basel looking youthful.”
Fortunately, Keller also enjoys a youthful energy that fuelshis drive. Between the art fairs, he can usually be found on a jet anywhere from New York to Dubai or Cape Town.He’s out not only viewing paintings, sculpture, installations,videos or other art forms, but simultaneously cultivatingpersonal contacts and visiting artists, gallery owners andimportant collectors. “I’ve had the great luck to make mypassion my profession,” says Keller. “And the intensity ofmy work with art has not reduced my passion for it, butincreased it.” Even during his free time, on weekends orvacation, Sam Keller is where great art is: at the Uffizi,MoMa, Tate or Prado.
The Art of the Dealer To Keller, his success hinges on his communication skills andhis ability to take the right tone and approach with all typesof people from all walks of life. In the very competitive artbusiness, it’s a tremendous advantage to know the “right”people and to gain their trust. For him, that seems to comenaturally. There is no trace of arrogance in the way heassociates with others, whether they are a famous artist, a
20 Wealth Management / fall 2007
Business and Passion Coincide forOne Art ProfessionalSam Keller is one of the most influential figures in today’s boomingcontemporary art market. As head of Art Basel and Art Basel Miami Beach,he is regularly in the limelight. But now, he’s moving on to a new—and different—experience as a museum director.
The Art World’s ‘Marathon Runner’
events on the world art calendar.
the business he loves, his devotion to art, and why he’s
in the sport of evaluating renowned works of art—he’s a
UBS cultural program. The Firm enjoys a longstanding’
Wealth Management / fall 2007 21
passions
wealthy collector with a private jet or a worker laying thecable in the trade fair hall. Keller treats them all with thesame friendly manner, listens to them and takes theirinterests seriously. Long-standing employees at Art Basel saythat when you work with Keller, hierarchies melt away. At the same time, another component of Keller’s success isknowing when to roll out the red carpet for influentialartists, collectors and sponsors. “We pay special attention toVIPs and celebrities,” he admits. “But that doesn’t mean weforget everyone else. We want to be a platform foreverybody who is involved in art. For instance, if an artstudent from Bangladesh sends us an e-mail, we take thematter seriously.” Until the 1990s, artists generally frownedupon art trade fairs focused on selling. Keller can be creditedwith changing much of that due to his tireless efforts as thedirector of Art Basel. “Nowadays hundreds, if notthousands, of artists come to Basel and Miami,” Keller says,a rare touch of personal pride showing through.
A Passion Since ChildhoodAs the son of a mechanic and a nurse, Keller grew up in anenvironment in which culture was not a priority. By chance,a school trip on a rainy day that ended up in a museumgave Keller his first art epiphany. “I was completely blown
away by the experience, especially because I had never seensomething like that before,” Keller recalls. From that dayon, he knew his destiny. He attended the University of Baselto study art history and philosophy, but dropped out afterjust a couple of semesters: “The theory was always too farfrom what I was really interested in.”
After leaving the university, Keller got a job at a local publicrelations agency, where he developed his organizationaltalents and his skill at staging public events. Soon he came incontact with individuals at Art Basel, who first hired Kellerin their internal communications department beforeeventually handing over the entire responsibility to him.“Sam is one of the best promoters, communicators andnetworkers I know,” says Lorenzo Rudolf, the former headof the trade fair. “That’s why I insisted that he should be mysuccessor, and not some external art market expert.”Despite his huge success and international popularity, Kellerhas maintained his down-to-earth personality. He has notlost his signature spontaneity and natural modesty. Ask himwhat he thinks his achievements at Art Basel have been, andhe will gather his thoughts and simply reply, “We tookadvantage of some nice opportunities and avoided makingmistakes.” That’s something of an understatement if youkeep in mind that it was Keller who successfully brought ArtBasel to the U.S., turning it into a hot Miami event with aglobal edge. “We wanted to set up the world’s best tradefair,” says Victor Gisler of Art Basel’s supervisorycommittee. “With Sam we were able to do that.”
An Offer He Couldn’t RefuseSam Keller will leave his job as head of Art Basel at the endof 2007 at the height of his popularity. In January 2008, hewill take over the top spot at one of Switzerland’s mostprestigious museums—the Foundation Beyeler in Riehen,which draws 300,000 visitors annually. The well-knownpatron, art dealer and museum founder Ernst Beyelerpersonally persuaded Keller to take the job. Keller calls it“an offer I couldn’t refuse—a dream opportunity.”Nevertheless, the move also means he will be leaving one ofthe most exciting jobs that the art sector has to offer. Will itbe difficult for him to give it up? “The Foundation Beyeler isfocused on only the highest-quality art,” Keller says. “Andthere will still be a lot of interaction with interestingpeople.” One would think that the elitism of a museumwould put off a bon vivant like Keller. “A museum is not asyoung as its art,” notes Keller. “It is as young as itspresentation of the art.”
Taking on a new and different challenge in keeping theFoundation Beyeler at the top of the museum world is a taskthat Keller will relish. /
Sam Keller fits in anywhere, be it with wealthy collectors,emerging artists, curators of famous museums or students.
Americans—how much eachof us might need, how costs willbe covered, and how these issueswill affect our retirementspending patterns.
Learn the fundamentals of thisconcern and why it should bekept at the forefront as you planyour retirement savings strategyby asking your Financial Advisorfor a copy of the new UBS WealthManagement Research report,UBS Life Themes—Transition toRetirement.
You can also get a copy by loggingonto www.ubs.com/onlineservices
